Bahrain Duty Free reports $16.9m profit

Manama, February 24, 2013

Bahrain Duty Free has reported a net profit of BD6.4 million ($16.97 million) for last year, representing an increase of 17.4 per cent over 2011.

Total revenue grew by 2.7 per cent, amounting to BD27.5 million compared to BD26.8 million in 2011.

Gross profit increased by 6 per cent in value and the gross profit margin moved up by a further 3.2 per cent. Operating cost reduced by 6.4 per cent and operating profit as a result, increased by 22.5 per cent.

Investment income of BD2.2 million was recorded giving an increase of 8 per cent on prior year. Impairment on investments reduced by 53 per cent amounting to BD400,000 compared to 2011.

The investment portfolio at the end of last year had a value of BD18.3 million, which grew by 36.6 per cent over last year driven mainly by new investments.

Return on average equity for the year stood at 17.4 per cent, an increase of 13.7 per cent over 2011. Earnings per share were 65.4 fils, a growth of 18.3 per cent year-on-year.

The board is recommending a cash dividend of 50 fils per share, of which 20 fils was distributed in 2012.

A bonus ordinary share issue of 10 per cent is also recommended to augment the share capital.

"Despite the continuing difficulties faced in 2012, our financial results demonstrate the resilience of company to return another strong financial performance," a spokesman for the company said.

"This year is expected to be a challenging year and the company remains focused to achieve another exceptional performance." – TradeArabia News Service